MUNAVALLI I P Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference at the instance of the assessee is made by the Income-tax Appellate Tribunal, under section 256(1) of the Income-tax Act, 1961.

(2.) THE father, I. P. Munavalli, and the son, C. I. Munavalli, are the assessees and the assessment year is 1963-64. THE Hindu undivided family of which I. P. Munavalli was the karta, was carrying on a business in foodgrains and pulses and no November 9, 1961, according to the statement of the case submitted to us, the father and the son entered to the statement of the case submitted to us, the father and the son entered into an agreement of partnership under which the son become a working partner and the other partner was the joint family of which the father was the karta. THE profits and losses had to be share equally by the two partners.

(3.) BUT in the further appeal preferred by the department the registration granted by the Appellate Assistant Commissioner was vacated and the refusal of such registration by the Income-tax Officer was restored.